Compounded interest analysis
account paying 4% compounded annually. Complete the following chart to
determine the balance in the account after 5 years. Submit only the data for 5
years.
YEAR BEGINNING BALANE DEPOSIT INTEREST ENDING BALANCE
2. $12000 is deposited at the end of each quarter he into an
account paying 6% compounded quarterly. What is the balance after 3years? What
is the total interest earned?
3. $5000 is deposited at the end of each month into an
account paying 9% compounded monthly. What is the balance at the end of 5years?
4. $3000 is deposited at the end of each quarter into a
sinking fund 10% compounded quarterly. What is the balance after 7 years? What
is the total interest earned?
5. Pet-R-Us is required to set up a sinking fund to
accumulate $2000 by the end of 5 years. How much should be deposited at the end
of January and July if the fund pays 3% compounded semi annually. What is the
total interest earned?
6. In order to accumulate $5000 for the down payment on a
car, how much should Ellsie deposit at the end of each month for the next two
years into an account paying 6% compounded monthly?
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